Under the influence of many fundamental factors such as industrial upgrading, import substitution, demographic changes and medical reform, China's medical device industry has maintained a relatively fast development speed, far exceeding the global medical device industry's growth of around 5%. However, regardless of the proportion of China's medical device industry in the world or the market value of medical device listed companies, the gap between China's medical device industry and the world's advanced level is obvious.
Although the scale of China's medical device listed companies is still small, the progress made in the past 10 years is impressive. The Chinese medical device companies represented by Mindray are rapidly reducing the distance between the scale of research and development and the internationalization of the sales market and the distance from international advanced enterprises. In the long run, Chinese medical equipment will be born among Chinese companies. In some segments, there are many attractive investment opportunities. The field of orthopedic implant medical devices, cardiac medical devices, clean operating room industry and freeze-drying system manufacturing is worthy of attention.
China's medical device industry has grown rapidly from small to large, and has now become a sunrise industry with a relatively complete product category, increasing innovation capabilities and strong market demand. Although the development speed of the medical device industry has slowed down in recent years, the main reason is that the base of continuous high growth is large, but the quantity and technological content of product exports are also increasing.
According to the data from the Prospective Industry Research Institute's "Market Demand Forecast and Investment Strategy Planning Analysis Report", in 2016, China's medical device industry achieved sales revenue of 244.8 billion yuan, a year-on-year increase of 7.9%; industrial output value also reached 2479 billion yuan, an increase of 8.5%. From the perspective of the growth rate of the total output value of the medical device and the pharmaceutical industry in recent years, the development speed of medical devices is generally faster than that of the pharmaceutical industry.
2011-2016 China's medical device industry's total industrial output value and growth rate (unit: 100 million yuan,%)
From the product structure of China's medical device market in the past three years, imaging diagnostic equipment has occupied the largest market share. In recent years, it has remained at around 40%, and it is on the rise; followed by various consumables, accounting for about 20%. Market share; market share of orthopaedic and implantable medical devices continues to decline; the remaining market share is occupied by dental and other devices.
Market share of various products in China's medical device market (unit: %)
China's medical device industry has a weak foundation for development, and medical device supervision has started late. The phenomenon of small, multi-distributed and low-level competition in medical device enterprises has not been fundamentally changed, accelerating the technological innovation capability of China's medical device industry and strengthening medical devices. The combination of production, learning and research in research and development has become a top priority.
Moreover, from the perspective of China's medical device market, high-end products mainly rely on imports. Although there are more than 2,000 enterprises that have obtained export certification in China, most of them are relatively weak in scale and brand, and lack core technology. Exports can only be OEM-based and lack their own brands in the international market. The competition is generally at a disadvantage.
It is gratifying that some leading enterprises in China's sub-sectors are striving to break through to the high-end market. For example, Mindray, which has the largest scale of domestic R&D team and the strongest comprehensive development capability, has a market share of 49% in the domestic high-end monitor market. Some independent innovation technologies of core products such as five-category hemocytometer, full automation instrument and color ultrasound have reached the world advanced level. . Shandong Weigao, a leader in high-end consumable products, is also working with Medtronic to improve technology and brand and penetrate the high-end market.
With the accelerated transfer of international industries, China will become an important production base for medical devices worldwide. Some of the instruments and equipment that originally relied on imports are gradually becoming domestically replaced. At the same time, many provinces and cities in China have taken the medical device industry as a new economic growth point and are cultivating them. Overall, China's medical device industry is entering a stage of rapid development.
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In recent years, China's medical device industry has grown rapidly from small to large, and has now become a sunrise industry with a relatively complete product category, increasing innovation capabilities, and strong market demand. However, in the field of high-end medical devices, China still relies mainly on imports. Next, accelerating the technological innovation capability of China's medical device industry and strengthening the combination of production, learning and research in medical device research and development has become a top priority.
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